Mason Bros Passes Interim Dividend

Press, Volume CVIII, Issue 31835, 13 November 1968, Page 14

Mason Bros Passes Interim Dividend

(New Zealand Press Association) AUCKLAND, November 12. Mason Bros, Ltd, Auckland engineer and merchant, is passing its interim dividend in view of the low profits earned in the first half of the current year.

Directors say in their interim report the poor earnings level had been anticipated. It reflects the continued difficult conditions in the heavy engineering industry

and a reduced volume of capital equipment sales. However, they say current results and prospects are better than expected, and there is hope for continued Improvement. Last year the company paid an interim dividend of 21 per cent, but made no final payment. Dividend for 1967 was 7 per cent, reduced from the 1966 rate of 9 per cenl. In the year to March 31 the group suffered a profit fall of $73,825, or 56.3 per cent, to $57,343.

: This was almost entirely in | the engineering activities, as i the merchandising members | of the group were able to offi set lower turnover by reduc- ' ing costs. Forward Orders In the annual report presented with the accounts the chairman (Mr J. G. Souness) said recovery depended on the return of more buoyant trading conditions and could not be achieved while engineering units continued to operate well below capacity. The interm report says all companies within the group now have better forward order books.